Category: News

Neville Graham – Jamaica Gleaner – September 11, 2021

Supreme Ventures Limited, SVL, which was the only lottery and gaming operator up to last year but is now competing with two rivals, told shareholders on Thursday that it still holds a 99.5 per cent market share.

The pandemic, plus the market changes, resulted in flat earnings for the dominant lottery company at $2.42 billion in 2020.

The continuing COVID-19 restrictions remain a concern for the company regarding their potential impact on its financial targets. For example, customers generally play on its gaming machines during the hours of 9 p.m. and 1 a.m., a period that now falls within the nightly curfew hours.

“When the lockdowns and curfews will have abated, my expectation is that there will be a massive jump in revenues and profits at that point,” said SVL Executive Chairman Gary Peart.

Earlier, he told shareholders at the company’s annual general meeting that the company expects better outcomes as it responds technologically and through diversification to the pandemic.

“We expect a positive upswing as we continue to leverage our online channels, a move which is aligned with the trend in the marketplace,” said Peart.

He told shareholders that 2020 year had been one of the most challenging in modern history as the company continues to grapple with the impact of COVID-19; and that SVL had dealt successfully with the introduction of two gaming companies, while maintaining a 99.5 per cent market share.

Source: https://jamaica-gleaner.com/article/business/20210911/svl-claims-steady-995-market-share

Twenty students in State care are to be awarded full scholarships by the Supreme Ventures Foundation.

The scholarships are worth $100 million over four years.

The students will be selected by the Child Protection and Family Services Agency.

Supreme Ventures Foundation says the funds will go towards tuition, boarding, subsistence stipend and miscellaneous expenses for the duration of the students’ academic programmes.

The scholarships are part of the 20th anniversary activities of Supreme Ventures Limited.

Director Heather Goldson says the scholarships represent a partnership and investment in the future of Jamaica.

“There is no talent like Jamaican talent, no abilities like Jamaican abilities and we want to ensure that we recognise and give these hard working, high potential children the best shot possible despite their circumstances,” she said.

State Minister for Education Robert Morgan has lauded Supreme Ventures on the initiative.

“This $100 million scholarship fund is big for our children in State care and further emphasises the fact that tertiary education is within their reach,” he said.

The scholarship recipients will pursue studies in actuarial science, architecture, law, economics, civil engineering, dentistry and education among other disciplines.

Source: https://jamaica-gleaner.com/article/news/20210911/supreme-ventures-awards-20-tertiary-scholarships-students-state-care

Despite ongoing challenges in the operating environment and downturns in the market, the Supreme Ventures Group (SVG) says it will continue to leverage new opportunities as it fuels increased growth across its diverse operation.

“We are optimistic that the plans we have for our group and the gaming sector will be a winning strategy going forward. We have set the stage and created the momentum that will allow us to take new, bold steps to ensure that we are prepared for the opportunities ahead.

“2021 is to be a year of more investment and growth, investment in technological infrastructure, growth in our markets and product lines, investment in human resource capacity and investment in operational capabilities,” said SVG Chairman Gary Peart in his outlook for the company at its 15th annual general meeting held yesterday.

Peart said that notwithstanding new competition in the marketplace, the company maintains dominance accounting for a significant portion of current market shares. “We recognise that the year [2020] has been one of the most challenging years in modern history as we grapple with the novel coronavirus pandemic and [simultaneously] dealt quite successfully with the introduction of two gaming companies in Jamaica, we have remained the industry leader maintaining a 99.5 per market share. We are not daunted and we will continue to push ahead despite the impact of the pandemic.”

In its 2020 financial year the group earned profits of $2.4 billion and gross ticket sales of $76.3 billion — driven mainly by a four per cent or $2 billion increase in lottery and a $1.2 billion or 44 per cent increase in sports betting revenues. During the year payouts from the group totalled $51.7 billion and its shareholder base expanded to 6,400 investors with total dividend payouts of $1.9 billion. Total assets at the end of 2020 also grew to $15.6 billion. Group earnings up to the second quarter period ended in June amounted to $626 million.

The Prime Sports subsidiary, operators of gaming and lotteries products, continued to make significant contributions accounting for about 80 per cent of group revenues, a decent portion of which flowed from its sale of pin codes or phone credits. Chief executive officer (CEO) of Prime Sport, Xesus Johnston said that the segment in ensuring that it continues to deliver positive results will this year move to increase its cash payouts and retail programmes as it also leverages digital assets and expand online channels and retail locations. The export of its popular Cash Pot game to South Africa last year, the CEO said was just one of its many offerings that it will export overseas.

“Prime Sports as the engine of Supreme Ventures will continue to innovate and lead the growth in the market for SVL,” he said.

Lorna Gooden, general manager of racing subsidiary, Supreme Ventures Racing and Entertainment Limited (SVREL), said that this segment will also continue to make positive contributions to the group via the upgrade of operational facilities, digitisation of services and an expansion of its distribution footprint. Since 2017, SVREL said it has made total investments of $3.2 billion, contributing revenues of $5.7 billion last year.

“We continue to reposition Caymanas as an international product and expect the harmonious relationship with all our internal and external stakeholders to continue as we move forward,” she said.

Dennis Chung, CEO of the Supreme Ventures Services Limited subsidiary, said that entity will likewise add to the winning strategy of the group as through its Business Hub, it will continue to provide solid back office and business support services as it blazes the trail as a positive revenue contributor.

“We maintain our position as a strong stable group of companies in the market that is focused on innovating and leveraging our potential. We continue to build out our Guyanese business and dive deeper into the world of online and interactive gaming and investing in new distribution channels. We are strengthening our competitive strategy in order to bring everything into the regulatory environment.

“We are on a path of continuous innovation, reinventing our self and launching new products. We continue to expect increased revenues from our sports betting services and all subsidiaries combined as we also give back to the local economy and community development,” Peart added, announcing that in commemoration of its 20th-year celebrations, the group through its corporate social responsibility arm will be awarding 20 full scholarships valued at $100 million to students who are wards of the State towards their academic studies this year.

Source: https://www.jamaicaobserver.com/business-report/svg-looks-to-expand-winning-strategy-_230881

KINGSTON, Jamaica— After playing Super Lotto for two years, the latest ”super millionaire” says his $183 million jackpot hit came just in time to fulfil his financial obligations and accomplish his dreams.

The winning ticket with the numbers 08, 14, 24, 32, 34 and super ball 04 was sold in St Catherine at Goode Promotion on Tuesday, August 3. The hit on a $200 split ticket entitled the winner, A Alexander, to $183 million. The advertised jackpot for that draw was $305 million.

According to a release from Supreme Ventures, Alexander said while all eyes were on the 2020 Tokyo Olympics and team Jamaica, his eyes were on bigger concerns.

The Super Lotto winner said that like many Jamaicans, COVID-19 had hit his household hard and cash was tight, but his big win flipped his fortunes in an instant and he is now part of an elite league of gamers who have claimed their share of the biggest jackpot game in the region.

The winner said he started with a set of numbers based on a previous draw with multiples of two. Coming up with his own pattern, he held tight to his numbers saying that “it was just his time to win”. Knowing the odds were high, he played Super Lotto for two years and remained hopeful that he would win one day.

His brother was the one who gave him the good news that he had won, much welcomed news after losing his main source of income during the pandemic.

Besides taking care of home and paying off his mortgage the winner said he is no longer looking for a 9 to 5. “I am going to put it in the bank and use it as collateral to start my own business,” he said.

“This is going to change everything for me. I am going to put it in the bank and log on every day to see it,” he said.

In a statement, Supreme Ventures said it “is the only Jamaican gaming company that really changes its customer’s lives by offering the largest jackpots on the market”.

Source: https://www.jamaicaobserver.com/latestnews/Super_Lotto_pandemic_hit_winner_bags_$183m_jackpot

Jamaica’s athletes who won medals at the recently-concluded Tokyo Olympics and coaches whose individual athletes won medals are to benefit from a $41 million investment package courtesy of the Jamaica Olympic Association (JOA) and two of its key sponsorship partners, Supreme Ventures Limited, through the Supreme Ventures Foundation and Mayberry Investments.

The package is called the ‘Olympic Rewards Programme’.

Neither the athletes nor their coaches will immediately receive the funds in their hands.

“The funds will be under management at Mayberry Investments for three years, or until the athlete retires from track and field, whichever is earlier,” said a statement Tuesday from the JOA.

According to the JOA, the investment package is intended to “safeguard funding for the athletes until their retirement phase. As such the $41 million in rewards will go towards funding investment accounts at Mayberry Investments for each medallist and coach whose athlete earned an individual medal”.

“At the end of the period, the athlete can decide whether they would like to cash in their investments or maintain their accounts,” said the JOA.

A first-place finish, a gold medal, gets a $6 million reward; a silver medal winner will benefit with a $4 million reward; and a bronze medal winner will be rewarded with $2 million.

A similar cash amount maintains for relay placing. However, there is a major difference in that the amount will be divided equally among the participants.

“So $6 million will be shared among members of Jamaica’s first-placed 4×100 metres women’s team that won the gold medal; while for the women’s 4×400 metres relay team that placed third, $2 million will be shared among the members of the squad,” the JOA explained.

Coaches will also be rewarded for their work with $1 million for an athlete who won a gold medal, $750,000 for an athlete placing second, and $500,000 for a third-placed bronze medal finish.

The coaching reward is only applicable to individual medallists, and not relays.

In announcing their contribution, the Supreme Ventures Foundation stated that it will be putting up $30 million to reward the athletes.

“We are incredibly proud of all athletes who have ever represented Jamaica on the world stage, and we are grateful to have this opportunity to reward this year’s cohort of medallists,” said Peter McConnell, chairman, Supreme Ventures Foundation.

The package will be supplemented by additional contributions of $6 million from Mayberry Investments and $5 million from the JOA, the apex body for local sports.

“Mayberry wishes to congratulate all the athletes that represented us at the Olympics and all of the people who worked so hard to make this national effort yet another success,” said Christopher Berry, executive chairman, Mayberry Investments Limited.

“For the Jamaica Olympic Association this partnership represents critical aspects of our vision for the future of the business of sport and emphasises our conviction that the lives of athletes and coaches matter beyond the present,” said JOA president, Chris Samuda.

“The Jamaica Olympic Association, Supreme Ventures Limited, and Mayberry Investments Limited have come together in an investment trilogy, at the heart of which are Jamaica’s athletes and coaches and the strategy of which resides in financial prudence and security,” Samuda added.

Source: https://jamaica.loopnews.com/content/41m-investment-package-set-tokyo-olympic-medallists

Other Sources:

Jamaica Gleaner

https://jamaica-gleaner.com/article/sports/20210825/tokyo-medallists-some-coaches-get-41m-reward

Jamaica Observer

https://www.jamaicaobserver.com/sports/olympic-medallists-set-to-cash-in-on-41-million-rewards-programme_229583?profile=1511